UK Crude Oil Loadings Continue To Drop

The UK’s crude oil loadings remained below 800,000 bpd for the third month in a row in February, while authorities expect Britain’s crude oil production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade at IHS Markit, said on Friday. In February, the Far East was among the top destinations for UK crude oil, with UK crude flows significantly rising to 265,000 bpd, up from 139,000 bpd in January, Katsoulas said. UK crude flows to northwest Europe and the Mediterranean, on the other hand, dropped significantly, providing more space for China, according to IHS Markit’s analyst. The UK faces two major headwinds for its crude oil production—the continued uncertainty around Brexit (and the possibility of a really disorderly one), and a trend of declining oil production through 2024. Crude oil production in the UK will decline this year to 940,000 bpd from last […]